Below are the purchases and sales for your business. Use the inventory spreadsheet to assist you in completing the journal entries related to each transaction. Complete this first for FIFO, then LIFO, then Weighted Average. What is the ending inventory for each method? Date Transaction Number of Units Per Unit Total Jan 3 Beginning Inventory 50 $1100 Jan 8 Purchase 100 $1300 Jan 11 Sale 80 $1800 Jan 30 Sale 50 $1900 Feb 8 Purchase 150 $900 Feb 10 Sale 30 $1500 Feb 19 Sale 20 $1750 Feb 28 Purchase 125 $1450 Mar 5 Sale 60 $1200 Mar 16 Sale 80 $1800 Mar 21 Purchase 175 $1500 Mar 28 Sale 100 $2000 FIFO Amount for purchase of inventory Units sale price Value of sale in journal entry Units Cost Units Per unit Purchase Qty Purchase Cost Total Sale Sale Price COGS Ending Inventory Beginning Inventory
. Below are the purchases and sales for your business. Use the inventory spreadsheet to assist you in completing the journal entries related to each transaction. Complete this first for FIFO, then LIFO, then Weighted Average. What is the ending inventory for each method?
|
Date |
Transaction |
Number of Units |
Per Unit |
Total |
|
Jan 3 |
Beginning Inventory |
50 |
$1100 |
|
|
Jan 8 |
Purchase |
100 |
$1300 |
|
|
Jan 11 |
Sale |
80 |
$1800 |
|
|
Jan 30 |
Sale |
50 |
$1900 |
|
|
Feb 8 |
Purchase |
150 |
$900 |
|
|
Feb 10 |
Sale |
30 |
$1500 |
|
|
Feb 19 |
Sale |
20 |
$1750 |
|
|
Feb 28 |
Purchase |
125 |
$1450 |
|
|
Mar 5 |
Sale |
60 |
$1200 |
|
|
Mar 16 |
Sale |
80 |
$1800 |
|
|
Mar 21 |
Purchase |
175 |
$1500 |
|
|
Mar 28 |
Sale |
100 |
$2000 |
|
|
|
FIFO |
|
Amount for purchase of inventory |
Units |
sale price |
Value of sale in |
Units |
Cost |
|
Units |
Per unit |
|
|
|
Purchase Qty |
Purchase Cost |
Total |
Sale |
|
Sale Price |
|
|
COGS |
|
|
Ending Inventory |
|
Beginning Inventory |
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